February 27 (Solar) – Australia's Palisade Investment Partners last week said it now owns 100% of the 148-MW Ross River solar project in Queensland after acquiring ESCO Pacific's remaining 50% stake.
The infrastructure manager took the initial 50% in the AUD-225-million (USD 176/EUR 143m) project at the end of 2016.
Due to be commissioned in the third quarter of 2018, the project is expected to become the largest operating single-stage solar farm in Australia. It is being constructed on a former mango plantation near Townsville and will use more than 400,000 solar panels. A long-term power purchase agreement (PPA) until 2030 has been signed with EnergyAustralia.
Palisade said the project is being funded by its Renewable Energy Fund and three of the company's institutional clients, the Clean Energy Finance Corporation (CEFC), VicSuper and HESTA.
(AUD 1 = USD 0.784/EUR 0.637)